Shares of several quantum computing companies, including IonQ, Inc. IONQ, Quantum Computing Inc. QUBT And Rigetti Computing, Inc. RGTIare trading higher on Monday as excitement around the quantum computing sector grows. Here’s what you need to know:

What you should know: IonQ shares are up more than 25% at the time of writing. The company recently unveiled its ion trap technology, which forms the basis of IonQ’s quantum computers. IonQ also discussed go-to-market partnerships and commercial dynamics in the quantum space at Q2B24 last week.

IonQ has also secured significant contracts in recent months, such as a $54.5 million contract with the US Air Force Research Lab and partnerships with the South Korean government and Zapata Computing. This visibility potentially increases investor confidence in the quantum sector as a whole and increases interest across the industry.

Shares of Quantum Computing rose more than 60% on Monday. The company recently announced its second purchase order for its thin film lithium niobate (TFLN) photonics chip foundry from the University of Texas at Austin.

The collaboration supports advanced research into chip-scale acoustic and cross-domain microsystems using Quantum Computing’s scalable TFLN processes, highlighting the technology’s potential in next-generation photonics, signal processing and quantum applications. The order is expected to be fulfilled in the first quarter of 2025.

Check this out: Quantum computing innovation: IonQ’s ion trap to be exhibited on the NYSE

Additionally, Rigetti Computing stock is rising amid continued momentum in the quantum computing space.

The rally in quantum names follows Google’s recent announcement of a groundbreaking quantum computing chip called Willow that achieves significant error reduction and performs calculations exponentially faster than traditional supercomputers.

Rigetti shares, up over 600% in the past three months, have attracted the attention of short sellers. Citron Research recently criticized the company’s valuation, calling it unsustainable and citing recent equity dilution. Despite valuation concerns, Rigetti shares hit new 52-week highs on Monday.

Why it matters: The overall momentum in the quantum sector reflects growing optimism about the industry’s potential to tackle major computing challenges. Companies like IonQ, Quantum Computing and Rigetti appear to be capitalizing on the rising interest through advances in quantum technology, partnerships and new applications in areas from telecommunications to defense.

As quantum technologies advance, the commercial and practical applications of quantum computing continue to expand, which is likely to influence both the future of computing and the broader technology landscape.

Quantum stock price development: According to Benzinga Pro, at the time of writing, IonQ shares were up 25.4% at $42.41, Quantum Computing shares were up 65% at $11.06 and Rigetti shares were up 30.2% to $9.32.

Photo: courtesy of IonQ.